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BASF Q1 Profit Down, Sales Rise - Quick Facts

German chemical company BASF Group (BFA.L,BASFY.PK) reported Thursday that its first-quarter net income fell 37 percent to 885 million euros from last year's 1.41 billion euros.

Earnings per share decreased to 0.96 euro from 1.53 euros a year ago. Earnings per share from continuing operations was 0.94 euro, down 24 percent from 1.24 euros a year ago.

Adjusted earnings per share were 1.36 euros, compared with 1.70 euros in the prior-year quarter.

EBIT before special items was 1.6 billion euros, down 6 percent primarily as a result of lower earnings in the Chemicals and Materials segments. EBITDA before special items declined 2 percent to 2.6 billion euros.

BASF Group's sales revenue increased 7 percent to 16.75 billion euros from last year's 15.60 billion euros. This was mainly driven by a 4 percent increase in volumes.

The company on Wednesday withdrew its fiscal 2020 outlook.

Looking ahead, Martin Brudermüller, Chairman of the Board of Executive Directors, said, "The first quarter of 2020 was not a normal quarter. The same will be true for the second quarter and likely for the entire year. The coronavirus has turned the world upside down."

Further, the company said the members of BASF's Supervisory Board have decided to forego 20 percent of their fixed compensation from April 1 until the end of 2020.

Members of BASF's Board of Executive Directors will voluntarily waive 20 percent of their fixed salaries for the second quarter of 2020.

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